Bulgaria has sold the bulk of its 33 percent holding in two newly listed local power distribution companies controlled by Czech power firm Energo Pro, raising 68 million levs in a public share offer, data from the Bulgarian Stock Exchange showed on Wednesday, October 3rd.
The average price achieved during the trade for the shares from the two companies was BGN 151.35 per share for Energo Pro Grid AD up 36,55 percent on the initial offer price, while Energo-Pro Sales was sold BGN 14.69 per share, 28,15 percent above the initial offer price (data as per 0100 p.m. EET on October 4th).
A 94% of all 930,270 shares in the two companies Energo-Pro Grid and Energo-Pro Sales were sold right after the trade on the local stock exchange started on October 3, raising BGN 68 million, well above the government’s target of BGN 53 million. The listings aimed at injecting new life into the Sofia bourse.
The remaining 55,262 shares still held by the state will be offered for sale on Thursday, with the offer running until November 2.
“The market showed interest and the achieved prices are fair and in line with our expectations. The state should be pleased,” said Alexander Zahariev at Bulgarian brokerage FFBH, which is managing the sales, quoted by Reuters.
According to Energo Pro Bulgaria AD corporate website as for today the company acquires a majority shares of 83,66% in Energo Pro Sales AD and 94,05% in Energo Pro Grid AD. In the coming months Energo Pro does not intend to make a tender offer to the remaining shareholders.
Energo Pro acquired the two bulgarian utility companies from Germany’s E.ON in June, 2012.
E.ON served 1,1 million customers in North-Eastern Bulgaria, including the Black Sea city of Varna.
On December 21, 2011 Bulgaria raised BGN 92.97 million levs via the sale of minority stakes in two power companies to Austrian power utility EVN.
Then EVN’s purchase boosted its stake in EVN Bulgaria Power Distribution to 97.75% from 67% prior to the auction. Its stake in EVN Bulgaria Power Supplying increased to 99.73%.
The average price for EVN Bulgaria Power Distribution shares was 1632.56 levs per share, 18.8% higher than the minimum level set by the state. The average price for EVN Bulgaria Power Supplying stood at 156.6 levs, 30.2% above the minimum level, data showed.
Bulgaria also plans to sell stakes in energy distributor CEZ Bulgaria, controlled by Czech group CEZ next month.
